Florida's Space Coast (Brevard County) remains one of the state's most dynamic and unique real estate markets. While the ongoing growth of the aerospace sector (fueled by NASA, SpaceX, and Blue Origin) continues to drive demand, recent market statistics confirm a nuanced shift: it's a market of two speeds, offering stability for single-family sellers and significant leverage for condo buyers.
Here is APB Properties' breakdown of what buyers and sellers need to know right now.
The Brevard County housing market is currently split along property type, moving away from the frenzied seller's market of previous years:
The median sales price for single-family homes has remained relatively stable, hovering around the $350,000 range as of the most recent reporting.
Inventory: The supply of single-family homes is currently sitting around 5.2 months. This has increased compared to a year ago, benefiting buyers.
The Buyer: This segment is primarily driven by families and professionals using mortgages, often relocating for the robust job growth in the aerospace and defense sectors.
For Sellers: The days of receiving multiple cash offers instantly are gone. Success now relies entirely on strategic pricing and superior property presentation to stand out among the rising inventory.
The condo and townhouse segment has seen a much more pronounced cooling trend, particularly in beachside areas like Cocoa Beach and Cape Canaveral.
Inventory Surge: Inventory has risen significantly, creating 7.8 months of supply. Anything over 7 months typically signals a Buyer's Market.
The Buyer: The condo market remains popular with cash buyers—retirees, snowbirds, and real estate investors—accounting for over 50% of recent sales.
For Buyers: This is the best window in years. Increased inventory and longer times on the market offer strong negotiating power, allowing buyers to secure better terms and concessions.
Despite national economic headwinds and rising interest rates, the Space Coast retains a powerful economic anchor that prevents a housing collapse: aerospace and defense job growth.
Billions of dollars in public and private investment are pouring into Cape Canaveral and the surrounding industrial parks. The continued expansion of companies like L3Harris, SpaceX, and Blue Origin creates a steady, high-wage demand for housing from incoming professionals.
This constant influx is why properties near job hubs (like Palm Bay, Melbourne, and Viera) are expected to see continued gradual appreciation through 2025.
Do not price your property based on 2021 or 2022 peaks. Sellers must price realistically to current comps.
Highlight Condition: Buyers are more selective. Ensure all major systems are functioning and showcase any recent improvements (e.g., A/C replacement, new roof) prominently.
Buyers have more choices and time, but must be prepared.
Get Fully Underwritten: A strong, fully underwritten pre-approval letter gives you priority over pre-qualified buyers when making an offer.
Look to Condos for Value: If you are a cash investor or second-home buyer, the condo market offers the best opportunities for price negotiation right now.
The Space Coast is not crashing; it is adapting. Success in this new balanced market depends entirely on using timely data and expert guidance.
Want a detailed Comparative Market Analysis (CMA) for your specific Florida property? Contact the local experts at APB Properties of Florida today.